Forex Training Online

The days of ‘phone trading’ – that is, completing foreign exchange or stock purchases through the phone – appear to be over. While a few small remnants remain such as stock offices and the often phone-heavy sales tactics of many brokers, many high-volume stock and forex traders are moving their businesses online and benefiting from the fast speeds, instant trades, and versatility if offers.

It’s an interesting development, particularly when you consider that modern stock trading was more or less ‘born’ on the phone. Other than the in-person calling seen in many stock exchanges, most of the larger, high-volume trades were once completed over the phone. Stocks, foreign currencies, and other commodities were bought and sold in verbal trades, not the digital transactions we now know.

Still, despite the fast-paced atmosphere of the past, today’s forex markets are largely similar to those observed over two decades ago. Trades are completed at a rapid pace, with currencies being bought, sold, and traded in more or less real time. The only difference is that there’s no headset involved for today’s system – merely a computer keyboard, often surrounded with a sea of large PC monitors.

These trading systems combine all of the features once performed exclusively by a forex broker into an interface that even the newest trader can eventually master. Forex trading online, due to the large amount of information accessible, is very much a knowledge game – one that was seen significantly less often in the days when trades were completed over the phone and results published on a ticker.

We’re going to look at some of the leading forex trading online applications, and see which features are offered as standard on most. As this isn’t a commercial endorsement, the names of trading apps, software packages, and tools will be left out. This is a look at the features offered by online trading applications – not the companies behind them, their price points, or their value for any one trader.

Generally speaking, online forex trading software will group spreads from different international banks, allowing traders to view information on currencies from multiple sources at once. Despite drawing their information from banks, the vast majority of these trading suites operate relatively anonymously, protecting information and order sizes by using generic, unbranded order accounts.

Traders can easily place orders from a central interface, allowing them to quickly and easily access hundreds of foreign currencies. In many cases, these currencies are backed with large information files, allowing traders to check a currency’s historical performance before investing. While largely irrelevant for shorter-term traders, this can be a very useful feature for long-term currency investors.

Then there’s the information and educational side of online forex trading – one that separates it from the relatively information-scarce world of online stock trading. Of the leading forex trading apps, an education center isn’t just a useful luxury, but a feature that’s very much expected. This is in the best interests of both the brokerage and its traders, as greater education can quickly boost trade volume.

These education centers typically offer banks of information – articles on successful trading tactics, information that can assist with operating the trading interface, and even guides and comprehensive instructional resources from experienced traders. In many cases, webinars from experienced traders and brokers are commonplace, further increasing the amount of information available for new users.

It’s slightly deceptive, however, to call this ‘forex training online.’ The vast majority of forex trading platforms, while based online, operate through a client software package that’s just as functional for research offline as it is on. Due to the complexity of most forex trading platforms, most clients work independently from the web browser, often in a separate suite of different forex trading applications.

This allows for automation – currencies to be bought and sold automatically based on value or other market conditions – profit and loss tracking – grouping the return on investment from currency buys at different times – and even the ability to receive remote alerts – typically to a mobile phone – on a day when currencies dip below a certain value, and therefore represent a more effective investment.

Talk about features, right? And this is fairly common throughout the top forex trading online apps – an attention to detail that’s often missing in other types of software. Due to the complex nature of an international currency market, the software often needs to be just as complex. Despite this, working a forex trading application isn’t difficult at all, beyond a few minor initial adjustments.

Perhaps this is why the industry went online – the convenience, control, and power of it all. With an incredibly wide selection of tracking options, education that borders on excessive, and helpful forex strategies on offer in online applications, forex trading online is truly unbeatable. It’s not surprising that many traders have moved online entirely, leaving the old world of forex trading behind them.

If you’re itching to start investing in foreign currencies – you may have heard about the opportunity and value that’s available – it’s best to start online. Look at forex training online applications with an assortment of features similar to those listed above, and you’ll be in good hands. While it’s thought of as a risky business, with a good platform, forex trading can be lucrative and relatively secure.